But since real gold bugs won't see the price of gold in
fiat, central-bank manipulated dollars as the true value of the
metal, we need to look to the value of other things priced in
gold.

Like, say, the S&P 500.

Here's the S&P 500 priced in gold, with an increase in this
index indicating a decline in the value of gold relative to
the S&P 500 (meaning it now takes more grams of gold to buy
an equal share of the S&P 500).

PricedinGold.com

This measure bottomed out in 2011, when gold hit an all-time high
above $1,700 an ounce.

But gold is now down about 40% from its peak while the S&P
500 is near an all-time high. And priced in gold, the
S&P 500 is now around 3 times more expensive than it was at
the bottom.